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Questions and Answers: King's Cross leasehold conveyancing

Planning to exchange soon on a basement flat in King's Cross. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in King's Cross should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The total extent of the property. This will be the flat itself but might include a loft or cellar if appropriate.
  • Does the lease prevent you from letting out the flat, or having a home office for business
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in King's Cross please ask your lawyer in ahead of your conveyancing in King's Cross

    • My wife and I purchased a leasehold flat in King's Cross. Conveyancing and Barclays mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in King's Cross who previously acted has long since retired.Any advice?

    First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a King's Cross conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    Can you offer any advice when it comes to appointing a King's Cross conveyancing firm to carry out our lease extension conveyancing?

    When appointing a conveyancer for your lease extension (regardless if they are a King's Cross conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non King's Cross conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

    • Can they put you in touch with client in King's Cross who can give a testimonial?
  • What are the costs for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in King's Cross with the intention of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in King's Cross can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
    • Many landlords or Management Companies in King's Cross levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in King's Cross.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
  • If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate can be a time consuming process and slows down many a King's Cross conveyancing transaction. If a duplicate share is required, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a basement flat in King's Cross. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?

    Where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to determine the sum to be paid.

    An example of a Lease Extension decision for a King's Cross residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The remaining number of years on the lease was 66.8 years.

    What makes a King's Cross lease defective?

    There is nothing unique about leasehold conveyancing in King's Cross. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    Other Topics

    Lease Extensions in King's Cross